Dundee property snapped up as part of bumper £60m deal

A Northern Irish property investment company has acquired a portfolio in Scotland stretching to more than one million square feet and valued at some £60 million.

Lotus Property said the portfolio, which is made up of 45 properties in total, is mainly located in Dundee and includes key assets in Marketgait/West Marketgait, Wester Gourdie Industrial Estate and Dunsinane Industrial Estate.

Almost 60 per cent of the assets are industrial, with a variety of mixed-use, retail, leisure and residential making up the rest of the acquisition.

The Marketgait/West Marketgait development comprises a mixture of offices, leisure and retail in the heart of the city centre. Tenants include Travelodge, Pure Gym, Grosvenor Casinos and Tesco.

Alastair Coulson, managing director of Lotus Property, which has a 20-strong team, said: “I have been tracking both Dundee and this portfolio for some time and am very excited about the opportunity that this acquisition brings.

“We know this city well, in fact I was born in Dundee and went to Dundee High School. We have been monitoring what is happening here over the last three years and we have seen major positive changes taking place.

“Dundee is going through a really exciting and significant period of regeneration and we consider the city to be a key growth area in the UK.

“It is a city which is evolving, with a growing population and a desire to stand at the forefront of innovation in Scotland. I am therefore confident that Dundee is primed to become one of the UK’s next property investment hotspots.”

He added: “The composition of the portfolio is very similar to the portfolio which we own in Northern Ireland, and coupled with the positive historic experience, market intelligence and network we have in Scotland, this first investment of ours in Dundee is a great platform to build on.”